Evening Star Newspaper, April 7, 1931, Page 15

FINANCIA L. T HE EVENING STAR, WASHINGTON, Received by Private Wire LIFTS ADVERTISING CURB EFFORTS ARE DELAYED D. C. TUESDAY, APRIL 7, 1931 FINANCIAL. 2 2 1 HURB |SSUES MBVE LONDON STOCK EXCHANGE SILVER STABILIZATION New York Colth NEW YORK CURB MARKE - TOLOWER LEVELS Public Utilities Featured on Decline—Copper Group Reacts. ~Prev. 1931 High. Tov. 19% 15 100 13 BY JOHN A. CRONE. Epecial Dispatch to The Star. NEW YORK, April 7—Stocks on the Curb Exchange moved irregularly lower today. This trend began in the public utilities and spread to most sections of the list. A notable exception to the gen- eral course of the market was in the olls. where: scattered gains proved heartening to long holders. ‘The market bellwether, Electric Bond & Share, was down aboui a half point 6% 22% 11% 6% 140% 106% shows those stocks were sold in odd lots. Stock and Sales— Dividend Rate. Add 00. Aero Underwriters.. 1 Affillated Prod 1.60.. 71 Azfa Ansco 19 Air Investorscvpf.. 3 Ala Pow pf (6)......100s 102 Ala Pow cum pf (7). 1008 114% Aluminum Co of Am 14255167 Alu Co of Am pf (6). 107% Alum Ltd A war.. 50 Aluminum,Ltd Bwar. 51 Aluminum,Ltd Cwar. 55 Aluminum,Ltd Dwar 46 Am Arch Co (3)..... 25 Am Austin Car 5 Am Br B 14 shars. Am Cigar Co........ Am Cit P&L (A) (a3) Am Cit P&L B b10%. Am Com P A (b10%) Am Com Pr B(b10%) Am Cyanamid B. Am Equities. Am For Pow war Am Founders. 10 10 10 2% 22 18% 18% 17 8 167 107% 50 51 55 46 50 51 b5 41k Open. High. Low. Close, 21% 8 % 1021 102% 114% 114% 15814 107% Note—All stocks are sold in one hundred-share lots exm ting those designated by the letter s (80s) (2508), ‘whicl ‘10 22 17 75 | 1021 114% 160 107% 50 51 55 6 1 4l 654 | 87 | 8 15% 23% | 9w | B | 234 | | 41 7 1% 28% 25% 2714 115 241 6% 25 12% 5 4% 113% 14% 1% 36% 1% ~Prev. 1031~ High, Lew. 2% % 24% 201 23% 5 1814 Stock ana Dividend Rate. Italian Superpow A.. Kolster-Br (Am Sh). Lake S Mines (1.20). Lefcourt Real pt (3) Leh Coal & Nav 1.20. Leonard Ofl. .......s Lily Tulip Cup (1%) Lion Oil & Refining. . Lone Star Gas n (88¢ Long Isld Lt pf (7). Margay. . Mass Uul Assoc. Mead Johnson (t4).. Mer Ch &S (1.60)... Mesabi Iron. Mesta Machine (2).. Met & Min Inc (1.20) MidStPet vic A.... Mid St Pet vtc B Mid WStUt (1%).. Mid West Ut (b8%). Mid W Util A war Mid W Ut Bwi.... Mo Kan P L (b10%). Mo KanP L vte..... Miss Riv Fuel bd rts. Moss Gold Mines. ... s o o Bales— Add 00. Open. Hign. Low. Close. | of the most unsatisfactory years in its % % 281% 24 23% . 20 5% 20% 111 4 4% 104 815 114 36% 1% b 1 23 1% 2% Direct to The Star Office 4% % 28% 24 23% T 20 5% 20% 1mu% 4 4% 102 Special Dispatch to The Sta: NEW YORK, April 7.—The London Stock Exchange has just completed one " 4% | history. Many of its members withdrew %|and many others failed to meet ex- penses in 1930. As a result of these conditions there may be some revisions of commission rates, a reopening of the exchange on Saturdays—London has closed every Salurday since the out- break of the European war—and a 201 | Proadening of the market for securities. 11114 |, One suggestion being advocated in " | Londen_might well be followed in New 5 |York. The London members are to get 4% | permission to advertise more freely. New 102 | York exchange members are at a dis- 8% advantage, compared with non-mem- 1'% | bers, on advertising. While non-mem- 35% | bers may advertise in almost any way 1 land almost anything, members are 3% | rigidly censored. Likewise exchange 1 | members are not permitted to broadcast, 23 ) and some non-members 4n their broad- 2; lg:m have made veiled hints on this M n. 24| Students of Stock Exchange history % |in this city, however, cannot help from % | being. impressed by ‘the fact that, de- 7l | spite’ some undesirable tendencics in 24 28% % 20 5% # | securities markets, both the Stock and | By the Assoclated Press. CHICAGO, April T7.—Affected by Liverpool gquotations lower than ex- pected, grain prices here went down- ward early today. Bears laid stress also on auspicious weather and crop condi- tions in domestic Winter wheat terri- tory. Opening 15> cent off to i up, wheat afterward showed an additional sag. Corn started %-3; lower and subse- quently held near to the initial range. Although bear lcaders conceded that many things could happen before ma- turity of the United States Winter wheat crop, world ccnditions, as em- phasized by action of the Liverpool market after the Easter vacation, were asserted to point decidedly to lower prices. Bulls, nevertheless, took special notice of the persistent reports of threatened unusuelly severe damage this season from insect ravages, a new fea- ture being advices about cutworms in Canada. Parmers In Saskatchewan and Al- berta, big wheat-producing provinces, were reported as being officially warned of serious infestation of cutworms, be- Special Dispatch to The Star. NEW YORK, April 7.—Attempts to create public opinion and international support for a conference on silver stabil- ization have not so far made much gain. Washington appears cold to the proposition. ‘There is no evidence that the visit of Montagu Norman, governor of the Bank of England, in this country is concerned with silver any more than with half a dozen otber important questions. In eight weeks of this year the Ad- visory Committee of Juvenile Employ- ment of Edinburgh, Scotland, has found positions for 429 young children, and expects to place 800 more before Sum- mer. Spectal Dispateh to The Star, NEW YORK, April 7—Cotton was 2 to 3 points lower at the opening of the market today. Trading was active, fol- lowing publication of the New York Cotton Exchange weekly cotton esti- mates. There was a decrease of 140,- 000 bales in visible supply and a small increase in exports. Acreage reports, however, were not encouraging, and most bulls were content to confine their operations to purchases on a scale down. Opening prices were: May, 10.44, off | 3: July, 10.70, off 2; October, 11.01, off |3: December, 11.22, off 3, and Janu- lary, 1133, off 3. STOCK AND BOND AVERAGES By the Associated Press. From Yesterday 5:3¢ Edi STOCKS. 50 Industrials, 20 Rail » Ttilities, 90 Total. most of the time. Cities Service opened on a block of 4,200 shares at 18%, off 1,4, and then moved to 18. The slight betterment that came into the Standerd | ©Oils was based on expectations of some tangible results from the oil conference &t Washington. Importance attached to gold stocks by some of the leading local houses again attracted attention to Noranda, Teck Hughes and a few others. United Verde reported a March output of 3,.- 236,000 pounds of copper compared with 3,221,000 in February, but the stock re- mained unchanged. Most of the cop- pers reacted as some sales of the metal were 1cported at 912 cents a pound. St. Re: dvanced fractionally in res s for 1930 amount- ing t agains® Wea 614 cause of the exceptionally mild Winter and extensive dry areas. Cutworm damage was estimated at 50 per cent in some sections of Canada during 1930, and greater losses this season were | looked for in the event of average| weather. Indications of a dearth of new export business in North American | wheat, however, largely offset talk of | probable crop damage. Corn and oats dragged lower with wheat. Am Gas & Ele : Am Invest. Inc (B).. Am Laundry Ma (3). Am Lt & Trac (23%). Am Maracaibo...... Am Superpcw (40c). Am Superp 1st (6).. ¢ Am Ut&Gen cu pf( Am Util&Gen (B)vte Am Yvette new wi... Anglo Chil Nitrate Appalachian Ga Apponaug Co (2).... 4 Arcturus Rad Tube.. Arkans Nat Gas A Asso Gas&T1 A (a2). Assoc G & El war... Assoc G & I3 A dbrts Ass0G & Elct (8)... oc Rayon........ Atl Fruit & Sugar. .. Atl Lobos. . Atl Secur Corp. Atlas Util Corp Auto Voting Mach... Auto Vot M cv pf pt., Babcock & Wil (7) Bahia COrp. ... Bellanca Alrcraft. Bell Tel Papf (63%). Bigelow-Sanford. ... 4 Blue Ridge Corp. ... i Blue Ridge cv pf as.. 51% Borg-War cum pf(7). 5 3% Braz Tr & Lt (b8%). 31 Buft N&EP p (1.60) . 28 Burco Inc war. 14 Burco Inc cv pf (3).. 5 Burma rets 27 3-5c. 30% Butler Bros. .. 1091 Cable Radio T vte. .. Canada Marcont..... Carib Syndicate. ... Cent Hud G&E (80c) Cent Pub SveA b10 Cent Stat El (b10%). Centrifug Pipe (60c) Chain Store Devel. .. Chain Stores Stock. . Chat Ph Aln.v. (1).. Citles Service (£30c) Citles Serv pf (6). Clark Lighter A. Claude Neon Lts. Clev El Illum (1.60). Col Oil & Gas vtc. ... Colombia Syndicate. Cmwlth Edison (8). Cmwith & Sou war.. Com Wat Sv (b6%). Comstock Tunnel. Consol Copper... Cont Shares conv pt. Cont Shares pf (B). Cooper Bess pf A(3). Copeland Pr Inc A. Cord Corp axet Co. Corp Sec C! %) . Schulte Un 5c-31 St.. 4 Corroon & Reynolds. 3 5 3 Shadldd g Cor & Rev pf A (6) Secu Corp Gen (40c) . 23 Creole Petroleum. Seeman Bros (3).... Cresson Consol (4c). R AR L CE0b). Crocker Wheeler. ... aleiced THATSIHTGN. Crown Cent Petrol ST Cr Cork Int A (1) Ind full pd ‘ Cunso Pressys Sentry Safety Cont. . Curtiss Wright war. Shattuck Den Min. .. Cusl Mex Mining Sheaffer Pen (13)... Derky Ol Refining 4 Shenandoah Corp. .. Davenport Hos .. orp pf (a3). Dayton Alr & Eng... r Mfg (11234) . Deere & Co (1.20). De Forest Radio. . Detroit Afrcraft Cp. . Doeh!er Die Casting. Previous day. Week ago. Month ago. Year ago Two years ago. . Three years ago. . High, 1931. Low, 1931. High, 1930 Low, 1930. . High, 1929 Low, 1929, % % 4 T i 1% 22% 5% Mountain&Gulf (4c). Mountain Prod (1).. Nat American Co. \at Aviation. . Nat Family Stores Nat Food Prod B at Fuel Gas (1). Curb Exchanges have consistently tried to protect the public more each year. SHORT-TERM SECURITIES. (Reported by J. & W. Seligman & Co.) Bid. Of Alils-Chalmers Co. 5s 1937..... 162 1 American Tel. & Tel. 5! 1110 American Thiead 5i:5 193 10034 Baltimore & Ohio 4* LR T R TSN PSS-S CEPR USRI IR PPRS YIoy 5o it Bell el of Canada 8519575 1 Provisions reflected downturns in hog | California Pet. Ci 1938, values. Canadian Nor. 1935, . 102 f - Chi. Northwestern R. R. 55 1933 Chicago Rock Island 4s 1934 3 Chils Copper Co. 5s 1947 | Gen® ok Kecen, Gorp. 65 General Petroleum Corp. General Theaters Eauip. Goodyear T. & R. 5s I Grand Trunk of Cana GUAPON of pa. Sa1b87 Humbl® Oil 5'ss 1032 B niiat, Match corp. & Marland Oil 5s 1932 New York, Chi. & St. L. Phillips Petroleum Co. 5'4s Pure Oil Corp. 5'as 19: Sheli Union Oil Co. 55 1! Sinclair Crude O1l Co. 5 Standard Oil N. Jersey 5s Standard Oil N. York 4'ss St. L. Southwestern Ry. 4s Union Oil Co. of Calif. 55 1935. United_Drug Co. 8s 1053. U. S. Rubber 55 1947..... e 102 Western Electric Co. 55 1044.... “ Wheeling Steel Corp. 5'as 1948. 10112 Wheeling Steel Corp. 4'2s 1053. 80% Service Co...... at S T Sec A (£50¢) at Sugar N J (2)... Union Radio. ... New Eng Pow pf (6) New Mex & Ar Land. Y Tel pf (615) ewmont Min (4).. jag-Hud Pow (40¢) Niag-Hud Pow A W.. & Sh Md (40¢)... Nipissing (30¢). . Noma EI Corp (8! Noranda Mines. Nordon Corp Ltd.... Nor Am Aviat A war % Nor Europ Oil Corn. Nor Ind Pub S pf (6) or St Pow pf (6) Nor St Pow A (8). Novadel Agene ( Ohto Copper... Outboard Motor B. PacG&E1stpf1%. Pandem 011 Paramount FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nominal gold Selling checks vaine today. $4.8665 343513 3913 1391c 1 c 238%c 23.8lc 5.26c 52330¢ 19.3¢ 19.2415¢ 13c 193¢ 1407 17.49¢ 2.964c L1122 268 26.8c 26.8¢ Sa Today. ... Previous d. Week ago. Month ago. Year ago Two years ago.. Three years ago. High, 193 Low, 1931..... High, 1930. ... Low, 1930.. High, 1929. ... Low, 1929." * New 1931 low. (Copyright, 1931, Standard Statistics Co.) w0 & wraBemunhaToTiate London, Parie. Brussels, Berlin, Rome. Zurich, - share in 1929. international securities d such shares as and International | &% ‘s 16 110 2% 48, 1207 31 6% 38% 964 early dealings ignored the granting of a rehearing of its petition to acquire the stock of the Syracuse Sub- urban Gas Co. Northern States Power A gained slightly as a result of improved earnings and the retirement of its 512 per cent bonds. Sheaffer Pen at 39 was down nearly a Aluminum Co. of America again Pines Winterfront, | 281 gain of Monday, was| 27 down today. Insull 1 point lower in the first | 40% 2% 2196i4c 2673i5¢ " 26.73'3¢ 26.76¢ 2loty.. . crown Oslo, crown..... | Stocknolm, crown 4 Ninety-seven per cent of the people now in Morocco are Moslem: Canada A did not ap- until midday, when it nally higher. following 20 carnings showing a t $15,232,819 in omparatively quiet to- its companion over on agged in the first several Pennroad Cor Peop L & P A (2.40). Perryman Electric. . secur Corp C pf (3) Pilot Rad Tube A. .. Pines Winterfr (1).. Pitney B P n (20c).. Plymouth Ofl (1) . Producers R Prudential Ir:vest. .. Pub Util Hold war.. Pub Ut} Hold Cp xw t Hold cu pf(3) tadio Products. ..., Iiainbow Lum Pr A. ainbow Lum Pr B. eliance Int A Reliance Manag. Reynolds Invest Rossia Int Corp. . Ryerson (J) (2) t Antkony Gold Paper (1).. eek Pro(1.4 came ou publico* net of © 1929. C: day, ac the big bours. $100,000,000 Pennsylvania Power & Light Company First Mortgage Gold Bonds, 4%2% Series due 1981 Fox Board Planned. ORK, April 7 (#)—Harley L. Zent of the Fox Film Cor- annovnced that he would Iders the election 2 end industrial execu- board of directors. His | in the past has vir- Guaranty Trust Company of New York, Trustee A letter from Mr. P. B. Sawyer, Chairman of the Board of the Compan; copies of which will be furnished upon request, is summarized as follow: 9 U YOUV PN i) JOPRIPS) J90T Business and Territory Pennsylvania Power & Light Company supplies electric power and light service and some manufac- tured gas service in a wide territory in Pennsylvania largely east of the Susquehanna River and north of the Philadelphia metropolitan district. The popula- tion of the territory served is estimated at 1,665,000. This territory is an intensive and concentrated indus- trial area and includes growing agricultural sections. Among its many diversified industrial enterprises are anthracite coal mines, iron and steel plants, steel car and automobile works, railroad shops, cement plants, slate quarries, silk and textile mills, brick plants, rubber factories, wood-working establishments, dairies and tobacco factories. Security . The mortgage under which these Bonds are o be issued will, in the opinion of counsel, upon comple- tion of the aforementioned redemption proceedings and payment of the $500,000 non-cailable bonds, constitute a direct first lien on all fixed property now cwned by the Company. M o101 15-32 BONDS ON THE CURB MARKET. o a2 33 BONDS. 4, DOMESTIC 13 Issuance of Ad nal Bonds Additional bonds may be authenticated (other than for the refunding of bonds previously authenticated) for cash and/or for not more than 75% of future property additions, provided net earnings, as to be defined in the mortgage, for twelve out of the preced- o o0 FEE-E 1, 65 2016. 106% 41os 747, 1015 i3 he 1 6 gz H 2 H 1 0 outh Penn Of1 (1)’ outhCEdpfB1%. South C Edpf C 1%.. > SO OT e JUT B e onaonanmmse st e Sea S asen S R0 Bu anemummeiea Douglas Afr (11%).. Dress SR A (3%)... Driver Harris new Dubilier Cond & Ra Duke Pow (5) Durant Motor . Fast St Pow B (1)... t Util Inv A ducational Plc pf.. sler Electric Corp. Elec ond & Sh (b6) 489 ec B&Shcupf5.. 3 ec B & Sh pf (6).. ec Pow Assoc (1). c Pow Asso A (1) ec I’ & Lt op war. . Sharehold (b6%). urop Elec deb ris. . Evans Wallow Lead. 4 Fairehild Aviation. . Food Muchinery 1% Ford Mot Ltd 36 35c. Foremost Dairy Pr.. Foremost Dal pr pf.. Fox Theater Cl A. n Alloys. .. Gen Cable war. ... Gen Elec Ltd (p70c). Gen Fireproof (2)... 3 Gen G&E cv pt B (6) 10 Gen Laundry Mach. . Gen Tha Eq ev pf(3). Glen Alden Coal (4). Globe Underwriters. Gold Seal Elec new. . Golden Center. . Cold Sach T C. ymur Corp (1) t Ai&Pac Tea nv(6) fer Stores pf (1) iroc Strs Prod vie. . Gulf Ot of Pa (13). Hamilion Gas rc Happiness Candy Hudson Bav M & S . Humble Oi' (12%). . Hygrade Food Prod. imp Ofl of Can e) Indgana P’ipe Line (1) ind Ter 1llu O A, insull fnv (b6%) ins CoofNo Am t2% Insuranc ec (10c). Intercvast Trade (1) intercontinent Pet n Int Petroleum (1)... int Products 96 1071 1074 16 SouthernNat Gas. ... Southld Royalty 60c. Spanish & Gen ret Spleg ) .15 Stand Ofl of Ind (2). Stand Oil of Ky 1.60. and O1l, Ohio (234) tand Oil. Ohio (5). . 130. tarrett Corp bt (3). ein Cosmetics. .... trauss Roth . Stutz Motor (new).. Stutz Motor (war) Sun Invest pt (3)... Sunray Oll (b5%) wift & Co (2) Swift Internat (3) Technicolor. Ine Teck Hughes (60c ken Det A pf (7). onorah Mining. ... “Cran Con Air Tran. Trans Lux DLPS. . Tubize Cantillon (B) Ungzerteider Fin Cp. it Car Fastener Unit Chem pt pf (3). Foil (1) (50c) Unit Founders Unit Gas Corp. Unit Gas war Unit Gas pf (T)..... nit Lt &Pwr & (1). nit Lt& Pwr pf (6). S Elec Power ww. S Finishing. S & Ini Secur..,, nit Stores nit Verde Ext (2).. til & Ind pf (1%).. til P&LL(aT1.02%4). Ut P&L B(at1.023). Utility Equities. Vacuum (1) Van Camp Pkg § Vie n Corp(40c) Walgreen Co. .. Walker (H) (1).. Wayne Pump. .... .. West Alr 2xp (60¢) . Wil-Low Wil-low C: Youl Zonite Products (1), 2 5 b4 G U 5 U fatert, fept (4). on Gold A 1 1 2 S W Gas Utilitles. 1 N H 4 1 0 RIGHTS—EXPIRE % Ford Mot Ltd.Apr 17 231 % # Approximately 929, of gross operating earnings for the twelve months ended February 28, 1931, were de- rived from electric power and light, 69/, from manu- factured gas, and 29, from steam heating business. Property Physical properties owned by the Company include installed electric generating capacity aggregating 359,869 kilowatts, 1,480 miles of electric transmis- sion lines, 8,475 miles of electric distribution sys- tems, gas works with a daily generating capacity of 17,735,000 cubic feet, gas holder capacity of 5,703,000 cubic feet and 472 miles of gas mains. Purpose of Issue The proceeds of the present financing will be used to provide for the retirement of all existing mortgage debt of the Company and the payment of other indebt- edness heretofore incurred in connection with the acquisition and construction of property. All of the existing mortgage issues (except $500,000 non-call- able bonds secured on certain minor parts of the property) are to be retired by redemption, and simultaneously with the receipt of the proceeds of these Bonds, sufficient funds will be deposited in trust to provide for such redemption and for the pay- ment of interest to maturity on, and the principal of, the $500,000 non-callable bonds. Capitalization Outstanding as of March 31, 1931, after giving effect to this financing First Mortgage Gold Bonds, 429, Series due 1981 = 677, Gold Debentures, due 1950. , Capital Stock (no par value): Preferred (37) . o $6 Preferred . : - $5 Preferred . oo Common. . . o ... 1,718,509 shs. 1Including $21,000,000 principal amount to be issued in settlement of icdebtedness of the Company and ot being presently offered to the public. *Not including 3,868.39 shares of Preerred Stock ($7), 2,600 shares of $6 Preferred Stock and 29 shares of $8 Preferred Stock owned by the Company; but including 3,889 shares of $5 Preferred Stock subscribed in customer- ownership campaiga now in progress (o be issued to purchasers whea fully vaid. $121,000,000t 10,000,000 371,613.61shs.* 77,064 shs.* 116,526 shs.* ing fifteen months shall have been at least equal to either twice the annual interest requirements on, or 12% of the principal amount of, all bonds outstand- ing under the mortgage, including those proposed to be authenticated; all as to be defined and set forth in the mortgage. No bonds may be authenticated on the basis of property additions subject to prior liens, as to be defined in the mortgage, unless provision is made for the redemption, payment and/or satisfaction of such prior liens. Earnings Including earnings for entire five-year period of all prop- erties now owned, irrespective of dates of acquisition Operating Net Oper; 12 Months. Expenses, Earnings o Ended Rencwals and Maintenance Feb.28 Replacements and Taxes 1927 $17,179,376 $13,872,058 1928 17,099,168 15,337,723 1929 17,184,653 16,677,393 1930 35,063,719 17,684,679 17,379,040 1931 17,509,174 35,564,907 18,055,733 Net operating earnings for the twelve months ended Febnnry 28, 1931, as shown above, before appropriations of $1,640,471 for reserve for renewals and replacements (depreciation), amounted to more than 3.2 times the annual interest requirements of $5,445,000 on the total amount of First Mortgage Bonds presently to be outstanding. Gross rating g $31,051,434 32,436,891 33,862,046 Ownership and Supervision All of the Company’s common stock is owned by Lehigh Power Securities Corporation, a subsidiary of National Power & Light Company. The greater part of the Company’s preferred stock is owned by cus- tomers and employees and residents of the territory served. The operations of the Company and other sub- sidiaries of National Power & Light Company are supervised (under the direction and control of the Boards of Directors of the respective companies) by Electric Bond and Share Company. Application will be made to list these Bonds on the New York Stock Exchange ends rates in dollars pased on last quarterly or sem: dend. fPartly extra. 3Plus 4 per cent in stock. Pavai b Payable In stock. e Adjustment dividena © Plus 6 per cent In stock b Plus 1 3 Pius 2 per cent in stock. & Plus 10 per cent 3 per cent in stock. o Plus 8 Der cent In stock. & 10 rosular rate int Raz B (12%). it Utilities B te . Intersiate Equities Inter kqu conv pf(2) Lrving Air Chute (1) CHICAGO LIVE STOCX MARKET HICAGO, A 7 To be dated April 1, 1031, and to mature April 1, 1981, Interest payable April 1 and October 1 at the offi Bonds in denomination of $1,000, registerable as 6 principal fully registered Bonds in interchaggeable denomingfisas of 1,000, $51000 Sni anihor o oooomen of $5,000; coupon and regictered ?org;unw‘rr,h;n;:;l:' g;‘d:mnle at I:.e!npfio: of the Company as & whole or ia part at 'any time on 30 days' notice al up to and including April 1, 1938, ecreasing 14 of 17 during each four-year period thereafter up to and including April 1, nd thereafter until maturity at 100, plus accracd interest 1n each case. o i o Free of Pennsylvania Four Mill Tax ck m Pl D Paid last year. cutter and cutler, 3.25a4.50 yie 5. ed).' £50d and | rities Co (cef), ¢ {5 m i Z i 4.0004.90; vealers (milk fed), pooq | Province i e b and choic 6.00a | per cont gold bends, due April 1, 1024, 7.00; cull ar ! stock- | and 1935, priced at 100 and interest, by er and feede : good and | & syndicate headed by Wood, Gundy choice, 500~ pounds, 7.25¢ & C ] medium, 5.50a7.50. City of Winnipeg, $3300,000 4}, per, 000 head: cent non-callable bonds, priced to yieid | bulk good and|4.50 to 4.56 per cent, by a syndicate | 1h3. 9.00a9.50; best| headed by the Canadian Bank of Com- held around 9.75; clippers, 8.50a8.95: T cent, by American Secu- | , Fair & Co. | choi dium 962 and accrued interest, to yield over 4.68% Bonds of the issues to be redeemed will be accepted in payment for the new Bonds on an interest yield basis varying from 1 313% according to the leagth of time to the respective dates of redemption, al 43 set forth in & Iist which will be fur Aisker om -:?m‘e.{ culture) including ts off mo:t 10 pounds. 7.90a 220-320 pounds, 715a 7.50a8.00; packing sow 502 . light light, good and choice, 67 140-160 pounds, 7.85a8.10; light weight, 102 1160-200 ~ pounds, 7.9088.10; medium 7., weight, 200-250 pounds, 7.50a8.10; heavy | four loads California Springers unsold: 7.0027 lambs, 90 down, good and good, 0 choice, X medium, 8.2508.85; potnd: . slaughter pigs, good | 91-100 pounds, medium to choice, 8.00a :Jl;ekn, lnb l# if in\g‘d l.lflprlekczlvvllddbl ;I“Q.n‘;l subject to the ankers by Messrs. olk, Wardwell, Gardiner. & Reed, of York, and for the Company by Messrs. Simpson Thacher & Bartlett, w York, Matters relating to titles and franchises wiil be passed upon by Peansylvania counsel. It is expected that temporary Bonds or interi 4 will be ready for delivery on or about April 23, 1931. S TR o T s al of counsel. etails pertaining to this issue will be_passed Lpen g carly estern Assoclated Telephone 3 000 first mortgage b pes cent serics A, due April 1, 1961, priced d accrued inierest to yield per cent, by Bonbright & Co., a: Faine, Webber & Co. Michigan Associated Telephone Co., | 1 $2.500,000 first mortgage 5 per cen | bonds, series A, due April 1, 1961, priced | to yi=ld 5.40 per cent, by Bonbright & | Co."and Paine, Webber & Co. | Interstate Telephone Co., . $2,000,000 | | first mortgege 5 per cent bonds, due April 1, 1961, priced at 92% and inter- est to yield 5.45 par cent, by Bonbright | & Co. and Paine, Webber & Co, weight, ing sow Guaranty Company of New York Halsey, Stuart & Co. Incorporated Bonbright & Company Harris, Forbes & Company Brown Brothers Harriman & Co. + 1015 Bankers Company of New York The UnionTrust Company of Pittsburgh The Philadelphia National Company During the wedding of Miss Stella 5 rd The information contained in the above mentioned lets d summary has been accepted by us as relisbie, but does nof constituts reseatation on 36 B Terni Soc 6izs A '53 epresentation on our part. ww—With warrants. Ew_Without Warraits. e 100-130 pounds, 7.6528.10. | 9.50; all welght:, common, 7.0028.25; | "Cettle—teceipts, 7,600 head: calves, | eWes, $0-150 pounds, medium to choice, 4 (3,000 head; steer trade very slow, steady | 3.7585.25; all weights, cull and com- | to weak: killing quality rather plain, | Mmon, 2.00a4.25. h;)wv'.‘('r, bulk steers and yearlings b2ing | _,, -e of quality to sell at 7.25a8.75. best around 1000; shipper demand | NEW SECURITIES narrow; common fat cows and cutters | v secu- steady, but better grades weak to lower: | NEW YORK, April 7 (). —New secu vealors, 50 or more off; slaughter cattle | Fities cffered today include: and veslers, stcets, good and choice, | Pennsylvania Power & Light Co, | 600-900 pounds, {¥7a10.50: 900-1,100 | $100,000,000 first mortgage 4% per cent e o U 560 pounas” o ags | £0ld bonds, due 1981, priced at 961 and 1050; common_and medium, 600-1,300 | interest to yield more than 4.86 per | pounds, SMARWL - e et by & syndicate headed by the Briem and Arthur Cotton at Christ leifers, g ane choice, . uaranty 74 o i pounds, 100800, common. and_mes | Hawailun Plneapple Co, Ltd. $5.-| CPWch: London, was played Teeland's' Ly dium, 5.50a7.00; cows, good and choice, ' 600,090 five-vear 5 per cent gold nctes, | National Anthem, composed by & coun- . Wi—Y/hen issued, 5.0026.50; common and me‘!pm. 4.25a priced at 99 and accrued interest to tryman of the bndcy